XRP Price Prediction: Will the Remittance Token Break Above the $0.66 Resistance Level This Week?

Bitcoin began the week at $63,800 after concluding the previous week with a positive momentum, indicated by a green candle. According to analysis

.66 Resistance Level This Week?" >

Bitcoin price opened the week at $63,800, continuing a positive momentum that saw the apex cryptocurrency conclude the previous week with a green candle on the price chart.

According to analysis, Bitcoin is at a critical juncture, where its current price behavior closely mirrors past cycles. The price could continue to waddle in its current range, possibly testing lower levels like $61,000 before making a decisive move.

Meanwhile, XRP’s price chart shows a different story. The price has been largely contained within a trading range since early August, with several attempts to move higher being met with strong resistance.

Currently, the XRP price faces resistance at the $0.59 – $0.62 zone, and has failed to break above this level. This price action suggests a potential larger correction in the works. The movement since early August shows a three-wave pattern, which doesn’t give a clear indication of the trend direction.

For a bullish scenario to play out, XRP needs to hold above the August low of around $0.43 and break through the resistance at $0.63 and $0.66. If the price drops, it could test the support levels around $0.54, $0.52, and $0.49.

The outlook remains uncertain, with the possibility of more sideways movement or a further decline before a clearer trend emerges.

Understanding Correction ScenariosABC Structure: One possible scenario is that the recent price movements form an ABC structure, with the “C” wave potentially unfolding as a diagonal pattern. The rally from August 5th to August 7th could be part of this structure, hinting at a potential wave 1 of a diagonal pattern. The pullback that followed could be a wave 2, which is expected to form a higher low above the August low of $0.43.

Breakout Requirements: For the bullish scenario to gain traction, XRP needs to break above the recent high of $0.63 and the July high of $0.66. Only a decisive move above these levels would confirm the continuation of the uptrend.

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